E-commerce is the process of buying and selling goods or services online. It has become increasingly popular over the years as technology has advanced and more people have gained access to the internet.
There are many advantages to e-commerce such as convenience lower prices and a wider selection of products.
The retail industry has been hit hard by the rise of e-commerce. Many brick-and-mortar stores have closed their doors unable to compete with the likes of Amazon and other online retailers.
The pandemic has only accelerated this trend as more people have turned to online shopping out of necessity. It is clear that e-commerce is here to stay and the retail industry will never be the same.
Why E-Commerce Is Taking Over the Retail Industry
A recent study by Forrester Research has predicted that e-commerce will make up 17% of US retail sales by 2022. This is a significant increase from the current level of around 11%. There are several reasons for this growth.
- Firstly more and more consumers are now shopping online. This is partly due to the increasing number of people who have access to the internet and partly due to the fact that it is now much easier to buy things online than it used to be.
- Secondly as the cost of shipping goods has come down more retailers are now offering free shipping which makes it even more attractive for consumers to shop online.
- Finally the rise of mobile commerce is also playing a role in the growth of e-commerce as more and more people use their smartphones and tablets to shop online.
Read also about
- How to Start an Ecommerce Business (A Step-By-Step Guide)
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